External link to Question : 121. Mocha Company manufactures a single product by a continuous process, : 1239449

Question : 121. Mocha Company manufactures a single product by a continuous process, : 1239449

    121. Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. Work in process at the beginning of the period for Department 1 was $75,000, and work in process at the end of the period totaled $60,000. The records […]

External link to Question : 61. The benefits of comparing actual performance of the operations against : 1251668

Question : 61. The benefits of comparing actual performance of the operations against : 1251668

  61. The benefits of comparing actual performance of the operations against planned goals include all of the following except:  A. providing prompt feedback to employees about their performance relative to the goal B. preventing unplanned expenditures C. helping to establish spending priorities D. determining how managers are performing against prior years’ actual operating results 62. Budgeting supports the planning process by encouraging all of the following activities except:  A. requiring all […]

External link to Question : 1) The lower-of-cost-and-net-realizable-value rule a good example of conservatism in : 1212657

Question : 1) The lower-of-cost-and-net-realizable-value rule a good example of conservatism in : 1212657

  1) The lower-of-cost-and-net-realizable-value rule is a good example of conservatism in accounting.   2) When applying the lower-of-cost-and-net-realizable-value rule to ending inventory valuation, net realizable value generally refers to the company’s expected selling price for its inventory net of any selling costs. 3) When the sales value of the inventory subsequently increases after a write down to net-realizable-value the reported value may be increased […]

External link to Question : 11) Using the following information find the unknown amounts. Assume : 1211947

Question : 11) Using the following information find the unknown amounts. Assume : 1211947

  11) Using the following information find the unknown amounts. Assume each set of information is an independent case.   a.Merchandise InventoryPurchases$210,000 Cost of goods sold223,000 Beginning balance41,000 Ending balance?   b.Direct MaterialsBeginning balance$ 7,000 Ending balance14,000 Purchases48,000 Direct materials used?   c.Work-in-process InventoryEnding balance$ 22,000 Cost of goods manufactured21,000 Beginning balance8,000 Current manufacturing costs?   d.Finished Goods InventoryCost of goods manufactured$62,000 Ending balance20,000 Cost […]

External link to Question : 43.On December 31, prior to adjustments, the balance of Accounts : 1168988

Question : 43.On December 31, prior to adjustments, the balance of Accounts : 1168988

    43.On December 31, prior to adjustments, the balance of Accounts Receivable is $32,000 and Allowance for Doubtful Accounts has a credit balance of $190. The firm estimates its losses from uncollectible accounts to be 5% of accounts receivable at the end of the year. The adjusting entry needed to record the estimated losses from uncollectible accounts is made for    A. $190.   B. $1,410.   […]

External link to Question : 75. On November 10 of the current year, Flores Mills : 1255919

Question : 75. On November 10 of the current year, Flores Mills : 1255919

  75. On November 10 of the current year, Flores Mills provides services to a customer for $8,000 with credit terms 2/10, n/30. The customer made the correct payment on December 5. How would Flores record the collection of cash on December 5? a. Cash7,840 Accounts Receivable7,840   b. Cash7,840     Sales Discounts   160 Accounts Receivable8,000   c. Cash7,840     Sales Revenue   160 Accounts Receivable8,000 […]

External link to Question : 106.Sales less sales discounts less sales returns and allowances equals: A.Net : 1258797

Question : 106.Sales less sales discounts less sales returns and allowances equals: A.Net : 1258797

    106.Sales less sales discounts less sales returns and allowances equals:    A.Net purchases.   B.Cost of goods sold.   C.Net sales.   D.Gross profit.   E.Net income.         107.Garza Company had sales of $135,000, sales discounts of $2,000, and sales returns of $3,200. Garza Company’s net sales equals:    A.$5,200.   B.$129,800.   C.$133,000.   D.$135,000.   E.$140,200. Net Sales = $135,000 […]

External link to Question : 31. Compared to a traditional two-stage cost allocation system, activity-based costing : 1208218

Question : 31. Compared to a traditional two-stage cost allocation system, activity-based costing : 1208218

  31. Compared to a traditional two-stage cost allocation system, activity-based costing systems:  A. Use more cost centers. B. Use more cost drivers. C. Are more expensive to maintain. D. All of the other answers are correct. 32. Which of the following activity costs would likely be included in a batch-level activity cost pool?  A. Per unit inspection costs B. Machine set-up costs C. Quality control costs D. All of the other answers are correct. […]

External link to Question : 77. Mary’s Music Store reported net income of $135,000. Beginning : 1255749

Question : 77. Mary’s Music Store reported net income of $135,000. Beginning : 1255749

    77. Mary’s Music Store reported net income of $135,000. Beginning balances in Accounts Receivable and Accounts Payable were $29,000 and $26,000, respectively. Ending balances in these accounts were $30,000 and $24,000, respectively. Assuming that all relevant information has been presented, Mary’s cash flows from operating activities would be: a.$132,000. b.$134,000. c.$136,000. d.$138,000.     78. Kela Corporation reports net income of $450,000 that […]

External link to Question : 15) When machine-hours used as an overhead cost-allocation base and : 1217270

Question : 15) When machine-hours used as an overhead cost-allocation base and : 1217270

  15) When machine-hours are used as an overhead cost-allocation base and the unexpected purchase of a new machine results in fewer expenditures for machine maintenance, the most likely result would be to report a(n): A) favorable variable overhead spending variance B) unfavorable variable overhead efficiency variance C) favorable fixed overhead flexible-budget variance D) unfavorable production-volume variance   16) For variable manufacturing overhead, there is […]

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